Since Ghana became independent in 1957, its population has grown rapidly. Measured for the first time in 1960 at 6.7 million, by December 2013 it had reached 25 million. This rate of population growth, combined with the inevitable urban drift in developing economies, has had the effect of raising the cost of land and housing in all urban areas and especially in the two largest cities: Accra and Kumasi. The story of a small house that began in Kumasi in 1983 testifies to the general trend.
A year before the purchase of the plot, it was offered for 30,000 Ghanaian cedis, but by 1983 the current price had already doubled. The 60,000 CDs paid then had a realistic free market value of about $ 500. A second adjacent parcel purchased in 1986 cost 180,000 cedis. It was already clear that pressure was building rapidly on available building land in a good location, in this case on a gentle hillside with a long view near the University of Science and Technology with easy access to campus.
The plot was large by later standards, measuring roughly 58 by 55 meters or roughly a third of a hectare. The owner had drawn up a rough plan, but an architect was hired to prepare the work plans. Both the architect and the surveyor were professors at the nearby university and were familiar with local rules and conditions. They had worked together on many similar construction projects. The three bedroom bungalow was a very modest structure by current local standards, but it was expected to keep costs low and construction time as short as possible.
Although construction on the building began before the end of 1983, it was in late 1986 before it was completed. The house was the first to be completed in the area and was deemed to have been built quickly. Several nearby parcels had been activated, but its most impressive multi-story buildings are progressing more slowly, presumably pending the availability of funds for each stage of construction.
The house was used only on occasional visits to Ghana and remained unoccupied for long periods. The maintenance of the building became a problem and in 2015 an evaluation was carried out with a view to the sale. A local property manager estimated that the value of the parcel, the land alone, had reached 200,000 new cedis, which is equivalent to 2 billion old cedis or about $ 53,000. Thus, over 32 years, the land had increased in dollar value by more than 100 times. The buyer will undoubtedly have a long-term plan to build a mansion on the plot and the days of the cottage are numbered.